CTS July 2024 Data: Stable Global Volumes, Rising Price Index, and Regional Export Disparities
Container Trades Statistics (CTS) will release its July 2024 data tomorrow, September 6th. This update highlights the ongoing shifts in the container shipping industry over the past seven months. Global volumes in July held steady at 15.7 million TEUs, the same as June 2024. While month-on-month volumes have stagnated, they have increased by 5.6% compared to July 2023. However, it’s worth noting that volumes in 2023 were comparatively low, primarily due to diminished transpacific activity.
A continuing surge in the Price Index Reflects Turbulent Climate
Since May 2024, the global price index has surged sharply, mirroring fluctuations in the spot market caused by the Red Sea Crisis. In July, the global price index climbed by 17 points to 118, marking a notable 34% increase since the start of the year. This is the highest level the index has reached since late 2022, when the effects of pandemic-induced price highs began to wane.
Regional Disparities: Europe Trails Behind North America and the Far East
Despite the overall slowdown in global volumes, July 2024 data reveals strong regional export performances, particularly from the Far East, which will come as no surprise is experiencing an export boom. Year-to-date, the Far East has seen a 9.5% increase in exports, driven by significant demand. Sub-Saharan Africa and North America have also recorded roughly 9% growth in exports for the same period. In contrast, Europe continues to exhibit slower growth compared to these regions.
Imports have also shown notable increases, particularly in North America, which has experienced a 14.4% rise since January 2024. Australasia and Oceania have recorded a 12.2% year-to-date increase in imports. Europe, however, has only seen a modest 5% increase in imports over the same period.
Price indices across all regions have been impacted as opposed to only the trades passing through The Red Sea. The flattening in volumes in recent months suggests that volumes are softening as a result of freight increases.
For a more detailed analysis of specific regional trades and to gain further insights into our findings, please contact us on sales@containertradesstatistics.com
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